Sears Closing 72 More Stores

Sears (Hoffman Estates, Ill.) announced yesterday that it would be closing 72 additional Sears and Kmart stores, bringing its total count of brick-and-mortar outposts to 820 from 2000.

Once the country’s largest retailer, its sales dropped 31 percent in the latest quarter, with losses totaling $424 million, according to The Washington Post. Although the retailer has attempted to revitalize its business by way of renovations and product shakeups, its sales have fallen for the sixth straight year.

The latest round of closures will begin in early September and will include more than a dozen Kmart stores. The company says workers at those shuttered stores will receive severance pay and can apply to other nearby Sears or Kmart stores.

Executives said they are still hopeful that the company will “remain competitive” in the years to come.